This could, in effect, torpedo Russian and Chinese attempts to bring the Iranians around, and escalate the crisis once again.
More Quotes from Edward Meir:
Support levels on crude...should hold at least through today, as participants will be reluctant to go home short heading into the weekend.Edward Meir
The prolonged drama probably explains why markets have not done much of anything in response to the news. Participants have perhaps concluded that things will take a lot longer to come to a head -- if they do at all.
Edward Meir
Call it a tug of war, if you will, between bearish fundamentals on the one hand and intermittent geopolitical tensions on the other.
Edward Meir
We think that major moves ... should be held in check, as low volumes suggest that many people are either away, or uninterested in initiating new positions.
Edward Meir
New money may not enter the markets with the same vigor as has been the case in the past, especially if growth in the U.S. shows signs of slowing on the back of steadily rising interest rates.
Edward Meir
No doubt, the relative easing in geopolitical tensions weighed on the markets yesterday. The Saudi incident, which was somewhat over-exaggerated on Friday, got discounted in calmer fashion for what it was -- a non-event in terms of supply, although a brie
Edward Meir
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